Anthropic reports $16.3 billion revenue and $80.7 billion loss in IPO draft

The Claude maker's draft S-1 shows explosive sales growth alongside a net loss driven mainly by non-cash charges tied to its rising valuation

Anthropic made $16.3 billion in revenue in the first half of 2026. It also posted a net loss of $80.7 billion over the same stretch.

Both figures come from a draft S-1 registration statement filed with the US Securities and Exchange Commission. That filing is the first formal step toward an initial public offering tentatively scheduled for November 2026.

First-half 2026 revenue reached $16.3 billion for the developer behind the Claude family of AI models.

For context, the company’s revenue for all of 2025 was approximately $4.6 billion. That full-year figure was itself a more than 12-fold jump from 2024.

The $80.7 billion net loss stems predominantly from non-cash accounting adjustments connected to earlier financing rounds. As Anthropic’s valuation climbed, those adjustments ballooned on paper.

The 2025 picture follows a similar pattern. Anthropic recorded a GAAP net loss of roughly $42 billion last year.

Strip out the non-cash items, though, and the 2025 operating loss comes to $8.06 billion. Compute and infrastructure spending accounted for $7.33 billion in that year.

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Anthropic reported third-quarter 2026 revenue of $16.8 billion.

That represents sequential growth of about 45-46% from the second quarter, when revenue came in between $11.5 billion and $11.6 billion.

The company also said it reached adjusted profitability and positive cash flow during the third quarter.

The draft filing also lays out what Anthropic has promised to spend in the years ahead. Its commitments for future compute, cloud and infrastructure spending total at least $518 billion over roughly 10 years.

Recent reports suggest the total could exceed $600 billion. Roughly 80% of those commitments are non-cancellable.

In May 2026, the company reached a $965 billion private valuation.

The planned IPO is being led by Goldman Sachs and Morgan Stanley . The offering is aiming for a valuation that could potentially reach $2 trillion, which would place it among the largest listings in history.

The filing also sheds light on the broader AI economy. Anthropic’s 2025 compute and infrastructure spending of $7.33 billion, set against an operating loss of $8.06 billion, shows how much of the AI business is really a hardware and energy business.